What is the Property value/ Qualifying amount?

This is the value of the property you qualify to buy based on your current Income and the selected payment duration. The higher the monthly Income, the higher the property value you can buy. An initial deposit of 10% or more will increase the property value you qualify for. The good news is that everyone can start somewhere no matter how little they earn, as long as they earn an income.

How does GrowMyHome assist?

Based on your income, Grow MyHome will walk with you to raise the property value you qualify for. GrowMyHome will also help you identify a property that fits into this amount and guide you to raise your initial deposit for the property. GrowMyHome will assist you to purchase the property.

You will pay the initial deposit and then continue to make monthly payments as stipulated in the monthly payment amount. You will make these payments over the stated duration of time until you have fully paid and the property becomes your own fully.

What type of property can you buy with your qualifying amount?

Your qualifying amount will enable you to purchase the following types of property. With your qualifying amount, you will be able to buy either a real estate investment, land, or a full house. If you are initially able to buy real estate investment or land only, that’s a good start. remember home ownership is a journey.

GrowMyHome will help you grow until you can eventually own a full house. Use of the property In most cases, you will be able to use the property from the moment you make your first payment and during the payment period. EG if it is a house, you can live in it while paying. If it is land, you may use the land for any purpose such as farming, until repayment is made in full.

Gaining equity

As you make monthly payments you are gaining equity. This means that each payment you make buys a portion of the value of the land. This is being stored for you. This stored value is equity. Your equity grows until it reaches 100% when you have paid in full for the property.

Another thing that adds to your equity is the value appreciation of the land. For instance, if you buy a land worth 500,000 today and by next year it is worth 600,000 you have gained an equity of 100,000 in the land. If you sell the land you can earn that equity.

Selling the property.

You are allowed to sell the property after a minimum period. You will need to apply to GrowMyHome to resell. GrowMyHome will calculate the amount you have paid, and the equity you have gained if applicable. When you sell the land, GrowMyHome will take its portion and pay you the accrued equity.

Early repayment

You can make early payments. For instance, if you selected 14 year duration at the stipulated monthly payments and then after one or two years you earn some large amount of money, you can fast track by paying and large amount or even all of the amount and shorten the duration.

Inability to pay

The deal will include insurance. This means if you lose your income source and are unable to pay, you will be covered for a few months, thereby giving you time to get other income sources. If you cannot get new income, you can sell the land and benefit from the equity you gained from the previous payments you made.

Transferability

You can transfer ownership of the property to another person who qualifies. Such a person will have to apply and be qualified before taking over payments.

Death and inheritance

In the unlikely event of death, the property can be transferred to the next of kin.

MORE DETAILS ABOUT THE HOMEOWNERSHIP PROGRAM